Faraday Future shares are plummeting over 17% on Wednesday following TechCrunch’s report on misrepresented initial electric vehicle sales.
According to the report, two ex-Faraday Future workers allege the company misrepresented initial electric vehicle sales and claim they were terminated after exposing this late last year.
These employees assert that the vehicles weren’t prepared, and Faraday failed to receive appropriate payments or finalize necessary paperwork upon announcing the sales.
Despite both employees attempting to lodge arbitration claims against the manufacturer, the company neglected to cover the obligatory fees, as per the complaints, thereby allowing the employees to pursue legal action in LA Superior Court.
On Monday, the company unveiled that will start delivering its FF 91 luxurious sedan in the Middle East region later this year.
Faraday shared that it continues to “engage with potential partners” in the region “to explore opportunities, including strategic financing, business development, and sales and marketing,” as revealed earlier today.
The company is targeting the launch of a limited-edition model, the FF 91 2.0 Futurist aiFalcon, tailored to the Middle East market with initial deliveries later this year.
As of the time of writing, Faraday Future shares are falling over 17 percent on the news trading at $0.093. The stock reached a new all time low on April 5th at $0.078 per share.
